Beijing Falls Short on Rebalancing

BEIJING—A more detailed look at China's economic performance in 2012 shows it tipped further off balance, relying more than ever on credit-fueled investment, a trend it had tried to rein in.

A further tilt toward capital spending flies in the face of Beijing's goals to shift to a consumption-driven economic model and threatens to add to a mounting debt problem, exacerbate industrial overcapacity that is dragging down profits, and...